Technology
EchoStar Announces Financial Results for the Three and Twelve Months Ended December 31, 2023
Published
3 years agoon
By
ENGLEWOOD, Colo., Feb. 29, 2024 /PRNewswire/ — EchoStar Corporation (NASDAQ: SATS) announced its financial results for the three and twelve months ended December 31, 2023.
Twelve Months Ended December 31, 2023:
EchoStar reported 2023 total revenue of $17.02 billion, compared to $18.63 billion in 2022. The net decrease in revenue primarily resulted from subscriber declines, most significantly in its Pay-TV segment.Net loss attributable to EchoStar in 2023 was $1.70 billion, compared to net income of $2.48 billion in 2022. The net loss in 2023 was primarily attributable to a noncash impairment to goodwill totaling approximately $758 million, and an adjustment to the carrying value of the 800 MHz purchase option totaling approximately $1.8 billion. Diluted loss per share was $6.28 in 2023, compared to earnings per share of $8.05 in 2022. Excluding the tax affected impact of the goodwill impairment and the 800 MHz adjustment, 2023 net income attributable to EchoStar would have been approximately $361 million.Consolidated OIBDA totaled $1.32 billion, compared to $3.41 billion in 2022. (See OBIDA definition and non-GAAP reconciliation below.) The decrease in OIBDA was primarily attributable to the noncash impairment to goodwill and the subscriber declines previously discussed.
“We closed the year with the completion of the merger with DISH Network. The transaction combined DISH Network’s satellite technology, streaming services, engineering expertise, retail wireless business, and nationwide 5G network with EchoStar’s premier satellite communications solutions, enterprise go-to-market capabilities, and U.S.-based manufacturing. Collectively, it creates a global leader in terrestrial and non-terrestrial wireless connectivity, and entertainment services,” said Hamid Akhavan, president and CEO, EchoStar Corporation. “With the close of the merger, we will continue to integrate our business and realize savings and operational efficiencies. We also will increase our focus on identifying and targeting the best, most profitable customers in each of our addressable market segments – Pay-TV, Retail Wireless, and Broadband and Satellite Services.”
Three Months Ended December 31, 2023:
Consolidated revenue totaled $4.16 billion for the fourth quarter, compared to $4.53 billion in the year-ago quarter. The net decrease in revenue primarily resulted from subscriber declines, most significantly in the Pay-TV segment.Net loss attributable to EchoStar totaled $2.03 billion for the fourth quarter, compared to net income attributable to EchoStar of $984 million in the year-ago quarter. The net loss in the fourth quarter of 2023 was primarily attributable to a noncash impairment to goodwill totaling approximately $758 million, and an adjustment to the carrying value of the 800 MHz purchase option totaling approximately $1.6 billion. Diluted loss per share was $7.48 for the quarter, compared to earnings of $3.21 per share in the year-ago quarter.Consolidated OIBDA totaled negative $370 million for the fourth quarter, compared to $735 million in the year-ago quarter. The decrease in OIBDA was primarily attributable to the noncash impairment to goodwill and the subscriber declines previously discussed.Net Pay-TV subscribers decreased approximately 314,000 in the fourth quarter, compared to a decrease of approximately 268,000 in the year-ago quarter. The company closed the quarter with 8.53 million Pay-TV subscribers including 6.47 million DISH TV subscribers and 2.06 million SLING TV subscribers. This increase in net Pay-TV losses resulted from the increase in net DISH TV subscriber losses due to lower gross new DISH TV subscriber activations and a higher DISH TV churn rate, offset by the decrease in net SLING TV subscriber losses due to lower subscriber disconnects in 2023 as a result of our emphasis on acquiring higher-quality subscribers.Retail Wireless net subscribers decreased by approximately 123,000 in the fourth quarter, compared to a net decrease of 25,000 in the year-ago quarter. The company closed the quarter with 7.38 million Retail Wireless subscribers. This increase in net Retail Wireless subscriber losses primarily resulted from lower gross new Retail Wireless subscriber activations, partially offset by a lower Retail Wireless churn rate due to our emphasis on acquiring and retaining higher-quality subscribers.Broadband net subscribers decreased by approximately 59,000 in the fourth quarter, compared to a decrease of 57,000 in the year-ago quarter. The company closed the quarter with 1.00 million Broadband subscribers. This increase in net Broadband subscriber losses primarily resulted from our capacity limitations, competitive pressure from satellite-based competitors and other technologies, and a more selective customer screening. The EchoStar XXIV satellite, also known as Jupiter 3, began service in December 2023, bringing additional broadband capacity and is expected to be an integral part of the Broadband and Satellite Services segment business.
Set forth below is a table highlighting certain of EchoStar’s segment results for the three and twelve months ended December 31, 2023 and 2022 (all U.S. GAAP amounts reference results from operations):
For the three months ended
December 31,
For the years ended
December 31,
2023
2022
2023
2022
(in thousands)
Revenue
Pay-TV
$ 2,816,787
$ 3,106,149
$ 11,571,159
$ 12,505,392
Retail Wireless
898,284
928,095
3,692,372
4,135,129
5G Network Deployment
24,027
17,406
91,928
65,768
Broadband and Satellite Services
449,779
499,857
1,755,559
1,998,093
All Other & Eliminations
(26,281)
(18,490)
(95,420)
(70,136)
Total
$ 4,162,596
$ 4,533,017
$ 17,015,598
$ 18,634,246
Net Income (loss) attributable to EchoStar
$ (2,029,882)
$ 984,264
$ (1,702,057)
$ 2,477,720
Purchases of property and equipment, net of refunds and other receipts (including capitalized interest related to regulatory authorizations)
Pay-TV
$ 75,212
$ 39,835
$ 242,736
$ 131,093
Retail Wireless
$ –
–
$ –
$ –
5G Network Deployment
$ 841,522
1,084,441
$ 3,748,624
$ 3,580,518
Broadband and Satellite Services
$ 61,172
76,517
$ 233,423
$ 325,891
All Other & Eliminations
$ –
(560)
$ –
$ (2,721)
Total
$ 977,906
$ 1,200,233
$ 4,224,783
$ 4,034,781
Reconciliation of GAAP to Non-GAAP Measurement:
For the Year Ended December 31, 2023
Pay-TV
Retail
Wireless
5G Network
Deployment
Broadband
and
Satellite
Services
Eliminations
Consolidated
(In thousands)
Segment operating income (loss)
$
2,699,810
$
(643,184)
$
(1,881,369)
$
(458,609)
$
5,443
$
(277,909)
Depreciation and amortization
381,292
221,968
620,685
419,262
(45,284)
1,597,923
OIBDA
$
3,081,102
$
(421,216)
$
(1,260,684)
$
(39,347)
$
(39,841)
$
1,320,014
For the Year Ended December 31, 2022
Pay-TV
Retail
Wireless
5G Network
Deployment
Broadband
and
Satellite
Services
Eliminations
Consolidated
(In thousands)
Segment operating income (loss)
$
2,933,898
$
(77,264)
$
(810,968)
$
181,615
$
5,557
$
2,232,838
Depreciation and amortization
428,471
177,914
131,566
462,748
(25,804)
1,174,895
OIBDA
$
3,362,369
$
100,650
$
(679,402)
$
644,363
$
(20,247)
$
3,407,733
For the three months Ended December 31, 2023
Pay-TV
Retail
Wireless
5G Network
Deployment
Broadband
and
Satellite
Services
Eliminations
Consolidated
(In thousands)
Segment operating income (loss)
$
714,319
(344,312)
(682,701)
(540,152)
720
(852,127)
Depreciation and amortization
95,145
53,371
235,615
107,466
(9,273)
482,325
OIBDA
$
809,464
$
(290,941)
$
(447,087)
$
(432,686)
$
(8,553)
$
(369,803)
For the three months Ended December 31, 2022
Pay-TV
Retail
Wireless
5G Network
Deployment
Broadband
and
Satellite
Services
Eliminations
Consolidated
(In thousands)
Segment operating income (loss)
$
748,729
(118,424)
(254,963)
50,418
1,753
427,513
Depreciation and amortization
100,398
50,534
53,914
111,115
(8,093)
307,869
OIBDA
$
849,127
$
(67,891)
$
(201,048)
$
161,533
$
(6,339)
$
735,382
Note on Use of Non-GAAP Financial Measures
OIBDA is defined as “Operating income (loss)” plus “Depreciation and amortization.”
OIBDA, which is presented by segment above, is a non-GAAP measure reconciled to “Operating income (loss)” and does not purport to be an alternative to operating income (loss) as a measure of operating performance. We believe this measure is useful to management, investors and other users of our financial information in evaluating operating profitability of our business segments on a more variable cost basis as it excludes the depreciation and amortization expenses related primarily to capital expenditures and acquisitions for those business segments, as well as in evaluating operating performance in relation to our competitors.
The consolidated financial statements of EchoStar for the periods ended December 31, 2023, are attached to this press release. Detailed financial data and other information are available in EchoStar’s Annual Report on Form 10-K for the period ended December 31, 2023, filed today with the Securities and Exchange Commission.
EchoStar will host a conference call to discuss its earnings on Friday, March 1, 2024, at noon Eastern Time. The conference call will be broadcast live in listen-only mode on EchoStar’s investor relations website at ir.echostar.com. To attend the call, please dial: (877) 484-6065 (U.S.) or (201) 689-8846. When prompted on dial-in, please utilize the conference ID (13744790) or ask for the “EchoStar Corporation Q4 and Full Year 2023 Earnings Conference Call.” Please dial in at least 10 minutes before the call to ensure timely participation.
About EchoStar Corporation
EchoStar Corporation (Nasdaq: SATS) is a premier provider of technology, networking services, television entertainment and connectivity, offering consumer, enterprise, operator and government solutions worldwide under its EchoStar®, Boost Mobile®, Boost Infinite, Sling TV, DISH TV, Hughes®, HughesNet®, HughesON™, and JUPITER™ brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary and in Australia, the company operates as EchoStar Global Australia. For more information, visit www.echostar.com and follow EchoStar on X (Twitter) and LinkedIn.
Safe Harbor Statement under the US Private Securities Litigation Reform Act of 1995
This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words “believe,” “anticipate,” “goal,” “seek,” “estimate,” “expect,” “intend,” “project,” “continue,” “future,” “will,” “would,” “can,” “may,” “plans,” and similar expressions and the use of future dates are intended to identify forward–looking statements. Although management believes that the expectations reflected in these forward–looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. We assume no responsibility for the accuracy of forward-looking statements or information or for updating forward-looking information or statements. These statements are subject to certain risks, uncertainties, and assumptions. See “Risk Factors” in EchoStar’s Annual Report on Form 10-K for the period ended December 31, 2023 as filed with the Securities and Exchange Commission and in the other documents EchoStar files with the Securities and Exchange Commission from time to time.
ECHOSTAR CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share amounts)
As of
December 31,
December 31,
2023
2022
Assets
Current Assets:
Cash and cash equivalents
$
1,821,376
$
2,497,536
Marketable investment securities
623,044
1,809,898
Trade accounts receivable, net of allowance for credit losses of $74,390
and $59,790, respectively
1,122,139
1,182,597
Inventory
665,169
625,979
Prepaids and other assets
644,005
617,819
Other current assets
16,081
23,884
Total current assets
4,891,814
6,757,713
Noncurrent Assets:
Restricted cash, cash equivalents and marketable investment securities
118,065
117,011
Property and equipment, net
9,561,834
7,904,957
Regulatory authorizations, net
38,572,980
37,395,604
Other investments, net
314,370
524,905
Operating lease assets
3,065,448
2,823,834
Intangible assets, net
172,892
1,113,298
Other noncurrent assets, net
411,491
2,110,959
Total noncurrent assets
52,217,080
51,990,568
Total assets
$
57,108,894
$
58,748,281
Liabilities and Stockholders’ Equity (Deficit)
Current Liabilities:
Trade accounts payable
$
774,011
$
1,023,537
Deferred revenue and other
754,658
833,213
Accrued programming
1,427,762
1,298,777
Accrued interest
297,678
298,043
Other accrued expenses and liabilities
1,717,826
1,436,485
Current portion of long-term debt and finance lease obligations
3,046,654
1,552,559
Total current liabilities
8,018,589
6,442,614
Long-Term Obligations, Net of Current Portion:
Long-term debt and finance lease obligations, net of current portion
19,717,266
21,343,561
Deferred tax liabilities, net
5,014,309
5,354,756
Operating lease liabilities
3,121,307
2,808,774
Long-term deferred revenue and other long-term liabilities
849,131
748,384
Total long-term obligations, net of current portion
28,702,013
30,255,475
Total liabilities
36,720,602
36,698,089
Commitments and Contingencies
Redeemable noncontrolling interests
438,382
464,359
Stockholders’ Equity (Deficit):
Class A common stock, $0.001 par value, 1,600,000,000 shares authorized,
140,153,020 and 138,128,368 shares issued and outstanding, respectively
140
138
Class B common stock, $0.001 par value, 800,000,000 shares authorized,
131,348,468 shares issued and outstanding
131
131
Additional paid-in capital
8,301,979
8,222,599
Accumulated other comprehensive income (loss)
(160,056)
(175,267)
Accumulated earnings (deficit)
11,737,983
13,440,040
Total EchoStar stockholders’ equity (deficit)
19,880,177
21,487,641
Noncontrolling interests
69,733
98,192
Total stockholders’ equity (deficit)
19,949,910
21,585,833
Total liabilities and stockholders’ equity (deficit)
$
57,108,894
$
58,748,281
ECHOSTAR CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
For the Years Ended December 31,
2023
2022
2021
Revenue:
Service and other revenue
$
16,145,763
$
17,596,265
$
18,598,313
Equipment sales and other revenue
869,835
1,037,981
1,220,365
Total revenue
17,015,598
18,634,246
19,818,678
Costs and Expenses (exclusive of depreciation and amortization):
Cost of services
9,510,427
10,111,341
10,717,333
Cost of sales – equipment and other
2,434,904
2,099,136
1,778,471
Selling, general and administrative expenses
2,989,154
3,015,325
2,686,279
Depreciation and amortization
1,597,923
1,174,895
1,213,946
Impairment of long-lived assets and goodwill
761,099
711
245
Total costs and expenses
17,293,507
16,401,408
16,396,274
Operating income (loss)
(277,909)
2,232,838
3,422,404
Other Income (Expense):
Interest income, net
207,374
93,240
33,903
Interest expense, net of amounts capitalized
(90,357)
(79,217)
(111,151)
Other, net
(1,770,792)
1,088,441
4,716
Total other income (expense)
(1,653,775)
1,102,464
(72,532)
Income (loss) before income taxes
(1,931,684)
3,335,302
3,349,872
Income tax (provision) benefit, net
296,860
(798,410)
(828,437)
Net income (loss)
(1,634,824)
2,536,892
2,521,435
Less: Net income (loss) attributable to noncontrolling interests, net of tax
67,233
59,172
35,150
Net income (loss) attributable to EchoStar
$
(1,702,057)
$
2,477,720
$
2,486,285
Weighted-average common shares outstanding – Class
A and B common stock:
Basic
270,842
270,102
275,117
Diluted
270,842
307,733
313,122
Earnings per share – Class A and B common stock:
Basic net income (loss) per share attributable to EchoStar
$
(6.28)
$
9.17
$
9.04
Diluted net income (loss) per share attributable to EchoStar
$
(6.28)
$
8.05
$
7.94
ECHOSTAR CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
For the Years Ended December 31,
2023
2022
2021
Cash Flows From Operating Activities:
Net income (loss)
$
(1,634,824)
$
2,536,892
$
2,521,435
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization
1,597,923
1,174,895
1,213,946
Impairment of long-lived assets and goodwill
761,099
711
245
Realized and unrealized losses (gains) on investments, impairments and other
(46,888)
(72,371)
(7,541)
Realized and unrealized losses (gains) on derivatives
1,693,387
(1,015,387)
13,000
Non-cash, stock-based compensation
51,514
82,994
59,379
Deferred tax expense (benefit)
(337,222)
729,587
639,708
Changes in allowance for credit losses
14,600
6,590
(34,635)
Change in long-term deferred revenue and other long-term liabilities
15,825
83,453
65,943
Other, net
166,383
253,784
135,871
Changes in current assets and current liabilities, net
Trade accounts receivable
20,622
(74,812)
206,995
Prepaid and accrued income taxes
15,836
(36,115)
81,197
Inventory
(37,981)
16,200
(175,918)
Other current assets
(40,290)
21,737
(47,144)
Trade accounts payable
4,108
90,721
86,219
Deferred revenue and other
(78,555)
(71,709)
(62,034)
Accrued programming and other accrued expenses
267,110
(105,980)
(41,293)
Net cash flows from operating activities
2,432,647
3,621,190
4,655,373
Cash Flows From Investing Activities:
Purchases of marketable investment securities
(2,407,546)
(1,965,859)
(6,338,641)
Sales and maturities of marketable investment securities
3,710,544
4,159,830
4,390,903
Purchases of property and equipment
(3,100,921)
(3,050,472)
(1,619,312)
Refunds and other receipts of purchases of property and equipment
38,611
—
—
Capitalized interest related to regulatory authorizations
(1,162,473)
(984,309)
(777,885)
Proceeds from other debt investments
148,448
—
—
Refund of regulatory authorizations deposit
—
—
337,490
Purchases of regulatory authorizations, including deposits
(2,009)
(7,206,865)
(122,657)
Other, net
(33,386)
(11,900)
(116,621)
Net cash flows from investing activities
(2,808,732)
(9,059,575)
(4,246,723)
Cash Flows From Financing Activities:
Repayment of long-term debt and finance lease obligations
(121,981)
(86,229)
(89,958)
Redemption and repurchases of senior notes
(1,460,635)
(2,056,821)
(2,901,818)
Proceeds from issuance of senior notes
1,500,000
2,000,000
6,750,000
Repurchases of convertible notes
(182,834)
—
—
Early debt extinguishment gains (losses)
73,024
—
—
Net proceeds from Class A common stock options exercised and stock issued under the
Employee Stock Purchase Plan
10,598
27,438
68,182
Purchase of Northstar Manager, LLC’s ownership interest in Northstar Spectrum
(109,432)
—
—
Treasury share repurchase
—
(89,303)
(261,436)
Debt issuance costs and debt (discount) premium
21,635
(51,121)
(34,459)
Other, net
(7,496)
(18,413)
(15,507)
Net cash flows from financing activities
(277,121)
(274,449)
3,515,004
Effect of exchange rates on cash and cash equivalents
3,004
(2,306)
(3,749)
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents
(650,202)
(5,715,140)
3,919,905
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period
2,561,803
8,276,943
4,357,038
Cash, cash equivalents, restricted cash and cash equivalents, end of period
$
1,911,601
$
2,561,803
$
8,276,943
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Thousands of Suppliers, Nine Buyer Delegations, Three Major Trends: The 35th Guzhen Lighting Fair Opens October 22 to Chart New Directions for the Industry
Published
27 minutes agoon
October 17, 2026By
ZHONGSHAN, China, Oct. 17, 2026 /PRNewswire/ — This October, the global lighting industry will once again turn its attention to the Pearl River Delta. The 2026 China (Guzhen) International Lighting Fair (Autumn Edition), also known as the 35th Guzhen Lighting Fair, will take place from October 22 to 25, 2026, at the Guzhen Convention and Exhibition Center in Zhongshan, Guangdong. Thousands of suppliers, nine buyer delegations, three major trends. They represent a major collective showcase for China’s lighting industry at a time of profound change in global trade.
Highlight 1: A New National Milestone for the Lighting Industry’s Only National-Level Trade Event
The Guzhen Lighting Fair’s standing begins with its national credentials. Approved by the Ministry of Commerce of the People’s Republic of China as a national-level exhibition and certified by UFI, the Global Association of the Exhibition Industry, this edition draws on a strong industrial base: a RMB 100 billion-plus lighting industry cluster centered on Guzhen and encompassing 11 towns and subdistricts across three surrounding cities.
Notably, the fair has been included in the 2026 National Consumer Goods Campaign Key Activity List, jointly issued by the Ministry of Industry and Information Technology and the Ministry of Culture and Tourism. It is the only major annual trade event from the lighting industry included on the list. The fair is also listed in the Guangdong Department of Commerce’s 2026 Guangdong Trade Nationwide program. These endorsements recognize the collective strength of Guzhen’s lighting industry and mark the fair’s rise from an industry exhibition to a national showcase.
Highlight 2: Seven themed Halls Reflect the Industry’s Evolving Priorities
All seven halls at the main venue have been upgraded, creating a new exhibition and trading layout in which each hall has a distinct theme and identity.
The seven-hall layout reveals three clear trends: increasingly sophisticated smart technologies, the return of design and aesthetics to the mainstream, and greater supply chain autonomy and control. Hall A, Urban Lighting and Smart Engineering, focuses on smart lighting and project lighting. Hall B, inter and commercial lighting, brings together decorative fixtures, residential lighting, and commercial lighting. Hall C, outdoor and special lighting, covers outdoor lighting, lighting for cultural and tourism attractions, and special-purpose fixtures. Halls D and E, lighting manufacturing and supply-chain, connect machinery, auxiliary materials and components, and supporting services. Hall F, smart home and living decor, combines smart home technologies with decorative furnishings and accessories. Hall H, new brands and cross-border sourcing, gives buyers a one-stop product sourcing destination.
The fair will showcase advances in three major areas. In AI integration, lighting control systems powered by large AI models and wireless AIoT lighting solutions will deliver more responsive experiences, with light adapting to people’s movements. In health-focused lighting, highlights include classroom lighting solutions designed to meet China’s new national standards, along with human-centric lighting and products tailored to older adults. In green and low-carbon development, the displays will span high-efficiency energy-saving technologies, solar photovoltaic and energy storage applications, and innovations in environmentally friendly materials.
Highlight 3: Targeted Sourcing for a Thousand Buyers Shifts the Focus from Visitor Traffic to Lasting Business
This edition will assemble nine professional buyer delegations. Six domestic groups will cover smart lighting systems, decorative lighting, linear lighting, wholesale distribution, the full range of lighting products, and intelligent lighting. Under the banner “Hundreds of Businesses, Nationwide Connections: Leading Lighting Distributors’ Sourcing Delegation,” the fair will invite selected company executives and decision-makers to attend with concrete sourcing plans. Three further delegations will bring together key overseas buyers, media and associations, and key opinion leaders (KOLs).
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Highlight 4: The Hosted Buyer Program Combines Business Matching, VIP Sourcing Tour, and Networking Party
The fair’s flagship Hosted Buyer Program (HBP) will return with an expanded program, inviting hundreds of overseas buyers to join an international sourcing delegation. The business matching area in Hall H will host five Denggle.com Business Matching, four for overseas buyers and one for domestic buyers. The proven format combines pre-event research into buyers’ needs, targeted invitations, and one-on-one matching in a dedicated meeting area during the fair. It will cover major lighting markets including Southeast Asia, South Asia, Europe, the Americas, and Africa.
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This edition will feature five themed forums, all centered on light.
“Illuminating Prospects: Forum on Industry Trends and New Opportunities in Guzhen” will examine the reshaping of global trade and the direction of industrial policy, exploring how the industry can move from selling lighting products to providing lighting solutions and services.
The “Building Intelligence with Light, Achieving Low-Carbon Coexistence” forum will focus on green, low-carbon IoT applications, wireless AIoT lighting, and upgrades to smart manufacturing in factories.
“Expanding Markets with Light, Making Retail Breakthroughs,” a distribution alliance forum, will address declining foot traffic for dealers and encourage shared access to customer bases and joint brand initiatives among lighting malls.
“Light for All Homes, Harmonious Living,” a forum on health-focused lighting, will explore lighting environments that serve people of all ages and the standardization of lighting for older adults.
“Global Reach with Light, Profit at the Endpoints,” a practical matchmaking forum on cross-platform customer acquisition through new media and overseas expansion, will focus on AI-powered customer acquisition across new media channels and generative engine optimization (GEO).
The five events will be organized in collaboration with leading bodies including the China Association of Lighting Industry, the Guangdong Lighting Association, and the Guangdong Electronic Commerce Association. They will cover industry trends, smart manufacturing, retail channels, health-focused lighting, and overseas expansion through new media. Their themes address both where businesses should go and how to get there. Combining strategic direction with practical methods is precisely the value industry dialogue should deliver.
Highlight 6: A Networking Party Builds Industry Consensus Through Recognition
To mark its 35th edition, the fair will hold the 35th Guzhen Lighting Fair Sourcing and Supply Information Networking Dinner on the evening of October 22. The organizing committee will launch a “Gold Partners” recognition program, with awards across several categories honoring companies that have supported the fair over the long term, demonstrated sustained commitment to the industry, and excelled in their respective fields.
By recognizing exemplary businesses, the program will establish industry role models, strengthen longstanding exhibitors’ connection to the fair, and demonstrate to global buyers the industry’s commitment to quality and a strong reputation for reliability. Around 250 key guests are expected to be invited, including representatives of government, business and industry associations, industrial bases, and high-caliber exhibitor partners. With the fair as a meeting point, the dinner will help companies support one another and strengthen ties between individual businesses and the wider industry.
Highlight 7: The 2026 Short-Video & Live Creator Contest Award Ceremony and KOL Tours Test New Ways for a Traditional Trade Fair to Reach Wider Audiences
“Good Lighting in Guzhen: The 2026 Short-Video & Live Creator Contest Award Ceremony” has evolved into a year-round signature event on Douyin and WeChat Channels. It features two categories, short-form video and on-site livestreaming, with quarterly popularity awards, annual grand prizes, and other honors. Recognition, audience metrics, and cash prizes will encourage participation by industry buyers and sellers, creators, and influencers.
The “Star Scout KOL Sourcing Group” will bring together more than 30 short-video creators specializing in lighting. Through in-depth short videos and on-site livestreams, they will explore the fair and amplify its reach across their combined online channels. Campaign-related content is expected to generate more than one million impressions over the full campaign period.
The Data Foundation: A Buyer Database of Over 1.3 Million Records and Year-Round Online Exhibitions and Trade
For promotion and buyer outreach, the fair uses the IIRIS data management system to draw on more than 1.3 million global buyer records. It works with over 150 trade and general-interest media outlets and web portals, alongside a social media presence on WeChat, Douyin, Kuaishou, Xiaohongshu, and Weibo, to send multiple rounds of targeted invitations to buyers in more than 140 countries and regions. Offline, it partners with over ten industry print publications and sends promotion teams to more than 40 lighting wholesale markets across China. Outdoor advertising will also appear along Guzhen’s main roads, on shuttle buses, and on LED displays.
On the digital side, the fair’s specialized B2B trading website, Denggle.com, and its online exhibition and e-commerce platform, Denggle EZbuy, use big data and intelligent recommendations to match buyers and suppliers precisely, providing online exhibition and trading services 365 days a year. By extending a four-day fair into a year-round online presence and complementing in-person connections with data-driven matching, the Guzhen Lighting Fair is redefining the reach of a lighting exhibition, extending it beyond its physical venue and four-day run.
Since its launch in 1999, the Guzhen Lighting Fair has held 34 successful editions over 27 years. From a regional ordering fair to an international exhibition and trading platform spanning more than 1.5 million square meters, each stage of its development has kept pace with the transformation of China’s lighting industry.
As AI integration reshapes lighting products, health-focused lighting responds to people’s aspirations for a better life, and green, low-carbon practices become a requirement for access to global supply chains, the 35th Guzhen Lighting Fair offers more than seven event highlights. It presents a promising vision for the future of China’s lighting industry.
SOURCE China (Guzhen) International Lighting Fair
Technology
DR. PHONE FIX ANNOUNCES AMENDMENT TO INTEREST CONVERSION TERMS OF CONVERTIBLE DEBENTURES
Published
27 minutes agoon
October 17, 2026By
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
EDMONTON, AB, Oct. 16, 2026 /CNW/ — Dr. Phone Fix Canada Corporation (“Dr. Phone Fix” or the “Company”) (TSXV: DPF) announces that it has entered into an amending agreement dated October 8, 2026 (the “Amending Agreement”) to amend the mechanics for converting accrued and unpaid interest under its unsecured convertible debentures issued on June 24, 2026 and July 17, 2026 in the aggregate principal amount of $1,608,000 and bearing interest at 10% per annum (the “Debentures”). The conversion price applicable to the principal amount of the Debentures is not affected by the amendments.
Under the Amending Agreement, the principal amount of the Debentures remains convertible, at the option of the holder, at any time on or before the maturity date into common shares of the Company (“Common Shares”) at a conversion price of $0.16 per Common Share. Accrued and unpaid interest on the Debentures remains convertible into Common Shares at the option of the holder, but at a deemed price per Common Share (the “Interest Conversion Price”) equal to the closing price of the Common Shares on the TSX Venture Exchange (the “TSXV”) on the last trading day before the holder delivers a notice electing to convert interest (an “Interest Conversion Notice”), provided that the Interest Conversion Price will not be less than the Market Price (as defined in the policies of the TSXV) on that trading day.
An Interest Conversion Notice must be delivered within the five trading days before the date on which the applicable interest becomes payable, including on conversion of the principal amount, in which case the Interest Conversion Notice is to be delivered together with the conversion notice. Any issuance of Common Shares in satisfaction of interest is subject to the prior acceptance of the TSXV, and any interest that is not converted, or for which TSXV acceptance is not obtained, will be paid in cash. The form of conversion notice attached to the Debentures has been updated to reflect these amendments. All other terms of the Debentures remain unchanged.
The terms of the Debentures provide that they may be amended with the consent of the holders of a majority of the aggregate principal amount of the Debentures outstanding, and that all holders are bound by any amendment so approved. Holders of more than 50% of the aggregate principal amount of the outstanding Debentures have consented to the Amending Agreement. Accordingly, the amendments are binding on all holders of Debentures, whether or not they executed the Amending Agreement and whether or not replacement certificates are issued.
The amendments to the Debentures remain subject to the acceptance of the TSXV.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
About Dr. Phone Fix
Dr. Phone Fix is an award-winning, eco-friendly, and customer-centric integrated device care platform providing repair, refurbishment, certified pre-owned devices, trade-in solutions, accessories and related services through its growing national retail network. Founded in 2019, the Company serves consumers and businesses across multiple Canadian markets, delivering convenient and reliable device care solutions through its corporately owned retail network. With a focus on operational execution, customer service and sustainability, Dr. Phone Fix continues to expand its national platform while supporting the repair, reuse and extension of the useful life of connected devices.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Forward-Looking Information and Cautionary Statements
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include statements relating to: the acceptance of the amendments to the Debentures by the TSXV; and the conversion of principal and interest under the Debentures and the issuance of Common Shares in connection therewith. Forward-looking information in this news release is based on certain assumptions and expected future events, namely: the Company’s financial condition and development plans do not change as a result of unforeseen events; and the Company will be able to obtain the financing required in order to develop and continue its business and operations. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to obtain TSXV acceptance of the amendments to the Debentures or of any issuance of Common Shares in satisfaction of interest; market conditions and investor demand for the Company’s securities; and general economic and market conditions. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
SOURCE Dr. Phone Fix
Technology
Brightmoor Hospice, LLC Provides Notification of Data Security Incident
Published
1 hour agoon
October 17, 2026By
GRIFFIN, Ga., Oct. 16, 2026 /PRNewswire/ — Brightmoor Hospice, LLC (“Brightmoor”) is providing notification of a data security incident that may have impacted certain protected health information.
On or around March 25, 2026, Brightmoor Hospice, LLC (“Brightmoor”) discovered suspicious activity related to two employees’ email accounts. Upon discovery, Brightmoor took immediate action to secure the accounts and engaged a team of third-party specialists to investigate. The investigation determined that two employee email accounts were accessed without authorization between March 24, 2026, and March 25, 2026. Upon confirmation of unauthorized access, Brightmoor began a comprehensive review of the contents of the affected accounts to determine whether they contained sensitive information pertaining to individuals. On August 18, 2026, Brightmoor determined that protected health information belonging to certain patients was present within the accounts. Brightmoor then conducted a time-intensive review of its internal records to locate address information for the potentially impacted individuals. On October 16, 2026, Brightmoor began notifying individuals by mail.
The types of information vary by individual and may include name and one or more of the following: addresses, Social Security numbers, driver’s license information, dates of birth, patients’ identification numbers, diagnosis, medical history information, medical record numbers, medical treatment information, lab information, treating doctor’s name, medication information, vaccination information, medical insurance information, and family and social history information.
In response to this incident, Brightmoor worked with third-party specialists to investigate and implement additional security measures within its network. Brightmoor has no evidence of actual or attempted misuse of information as a result of this incident. Nonetheless, in an abundance of caution, Brightmoor is providing notice to potentially affected individuals and offering complimentary credit monitoring services. Individuals are also encouraged to monitor their account statements and explanation of benefits forms for suspicious activity and to detect errors. In addition, Brightmoor has notified the U.S. Health and Human Services Office for Civil Rights of this incident.
Brightmoor has established a toll-free call center to answer questions about the incident and to address related concerns. The number for the hotline is 1-800-759-8524. The hotline hours of operation are Monday through Friday from 8 AM to 8 PM EST, excluding holidays. You can also write to 3247 Newnan Rd, Griffin, GA 30223.
Brightmoor takes protecting the privacy and security of personal information seriously and is reviewing and implementing further security enhancements designed to strengthen the protection of our systems.
View original content:https://www.prnewswire.com/news-releases/brightmoor-hospice-llc-provides-notification-of-data-security-incident-302911735.html
SOURCE Brightmoor Hospice, LLC
Thousands of Suppliers, Nine Buyer Delegations, Three Major Trends: The 35th Guzhen Lighting Fair Opens October 22 to Chart New Directions for the Industry
DR. PHONE FIX ANNOUNCES AMENDMENT TO INTEREST CONVERSION TERMS OF CONVERTIBLE DEBENTURES
Brightmoor Hospice, LLC Provides Notification of Data Security Incident
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